Corporate Insolvency Resolution Process Initiated; No Section 11 Ineligibilities Found, Order Rejection Overturned Due to Irrelevant Grounds.

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....Initiation of CIRP - The existence of debt and default is established and no winding up proceedings against the appellant and appellant is not covered by the ineligibilities provided under Section 11 of the I&B Code. However, the adjudicating authority has rejected the application on extraneous grounds. Therefore, the impugned order is set aside. - AT....